The Unified Payments Interface (UPI) saw a 13.59% increase in transaction volume in March, reaching 18.3 billion transactions, compared to 16.11 billion in February, according to data from the National Payments Corporation of India (NPCI).
March recorded a record Rs 24.77 lakh crore worth of UPI-based transactions, marking a 12.79% increase from Rs 21.96 lakh crore in February.
On a daily basis, the UPI network saw more than 590 million average transactions, totaling Rs 79,910 crore in daily transaction value, according to NPCI data.
On a year-on-year basis, the record-breaking UPI transactions in March amounted to Rs 24.77 lakh crore, representing a 25% surge in value and an impressive 36% growth in volume. This highlights the unstoppable momentum of India’s digital payments revolution.
With daily transactions averaging Rs 79,910 crore (up 1.9% from February), and volumes rising by 2.6%, these numbers underscore the rapid adoption and trust in digital financial solutions.
Meanwhile, on Tuesday, digital payment users experienced issues processing transactions on UPI. The NPCI attributed the problem to the closing of the financial year 2024-25 (FY25).
“Today, due to the financial year closing, some banks are facing intermittent transaction declines. The UPI system is working fine, and we are working with the concerned banks for necessary redressal,” the NPCI said in a statement.
Starting April 1, it will be mandatory for UPI member banks, UPI apps, and third-party providers to follow new guidelines.
According to the new norms, the UPI ID linked to an inactive mobile number will become inactive. That is, if the mobile number registered with a bank is inactive for an extended period, the UPI ID of the user will also be unlinked, and the user will no longer be able to use the UPI service.
As a result, every UPI user must ensure that the mobile number registered with their bank is active.
Under the new guidelines, the user’s bank-verified mobile number will act as the UPI identifier. Additionally, banks and UPI applications must update their mobile number records every week to prevent issues arising from recycled or modified numbers.
-IANS
